Author Topic: Too good to be true ??  (Read 3306 times)

sd

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Re: Too good to be true ??
« Reply #15 on: November 14, 2017, 07:44:03 PM »
Maybe it's my postcode, I've just been quoted 86 for a bike valued at 3,200 :'(
Libya?

PH

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Re: Too good to be true ??
« Reply #16 on: November 15, 2017, 04:47:16 PM »
Maybe it's my postcode, I've just been quoted 86 for a bike valued at 3,200 :'(
Libya?
Ha, couple of miles outside Derby city centre, not a particularly affluent area but not high crime either.

sd

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Re: Too good to be true ??
« Reply #17 on: January 24, 2018, 10:14:15 PM »
28 for me. Up to 3500 home or away (rest of world included) but it include all my bikes? The lady I was talking to seemed to be saying no matter how many bikes I had?. Awaiting documents. Insurance going well at the moment Springer Spaniel insured for 8.?? A month 4,500 worth of treatment. Was 1500 for the same price with.....the same insurance company, albeit under another name.

energyman

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Re: Too good to be true ??
« Reply #18 on: May 24, 2018, 02:15:44 PM »
For UK people only ! (sorry)
I've said it before and I'll say it again.  Try TSB "Pick & Protect" for cycle insurance - it's amazing !
Lovely cycling weather at the moment, long may it last. I know it won't but then I'm an optimist.

pavel

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Re: Too good to be true ??
« Reply #19 on: May 26, 2018, 05:12:45 AM »
Just come across this and got a quote. Only one real question is - I carry my bike in/on my car. Anyone know if this counts as an immovable object? (Can't see it in T & C)

If it was me I would forget gathering OPINIONS here. I would ring the TSB and ask...0345 030 8778
And record the answer.  I have an app on my phone called "Record My Call" It records all incoming and outgoing calls automatically.

I hope your software has a message stating "your call is being recorded ..." because without it ... it is  illegal to record a conversation in both Britain and the USA. It requires either one party consent or in some place all parties must consent ... and also to make public the contents of a illegal recording is a second offense under the law. Here in the States it is a Federal offense, so no joke whatsoever, though I don't know how serious the UK is about prosecution.

pavel

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Re: Too good to be true ??
« Reply #20 on: May 26, 2018, 05:16:01 AM »
I don't know, but an insurance policy is only as good as the company standing behind it, and a lot of the low ball price leaders are suspect to me.  Sure, they will take you money, but when it's time to pay, will they?  If they refuse, good luck trying to get what you thought was owed to you.  I tend to go by " if it seems too good to be true ..... ". 

PH

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Re: Too good to be true ??
« Reply #21 on: May 27, 2018, 12:24:26 AM »
I don't know, but an insurance policy is only as good as the company standing behind it.
This is true, but my (limited) experience of insurance companies is that the cost of the policy isn't always a good indicator of the level of service.  It can also be the case that a higher premium is paid for services or cover that isn't required.  I treat the policy as a contract, I'm looking for one that's clearly written so I understand what it is I'm being offered,  the TSB one is pretty good in that regard.   In the event of a claim the policy will be the determining factor, the level of service including communication and how knowledgeable and helpful thy are won't be known unless I use them.  It's likely that could vary depending on the individual dealing with the claim.

pavel

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Re: Too good to be true ??
« Reply #22 on: June 16, 2018, 06:17:37 PM »
I don't know, but an insurance policy is only as good as the company standing behind it.
This is true, but my (limited) experience of insurance companies is that the cost of the policy isn't always a good indicator of the level of service.  It can also be the case that a higher premium is paid for services or cover that isn't required.  I treat the policy as a contract, I'm looking for one that's clearly written so I understand what it is I'm being offered,  the TSB one is pretty good in that regard.   In the event of a claim the policy will be the determining factor, the level of service including communication and how knowledgeable and helpful thy are won't be known unless I use them.  It's likely that could vary depending on the individual dealing with the claim.

There I believe you are fully correct.

There is one other possible consideration here to consider.  If it is bundled under your house insurance, if you make a claim, how much will your house insurance rise?  I'd also ask for a list of exclusions, it's pretty amazing some of the conditions that can exist.  I had two Canon 1D's and several expensive lenses including a 300 f 2.8.  in my Miata trunk one day.  Total replacement costs were about 14 grand if I remember the ballpark figure properly.  There was a tremendous downpour one afternoon and the trunk got flooded.  By sheer chance the larger bag was saved because I had it on the spare tire in the trunk, which happened to be throw in after a repair a while earlier. ( good thing I procrastinate so much in life :) ) only one body and a 70-200 were toast.  But when I called the insurance company, ( (Allstate) with which I've had insurance since 92 for car, motorcycles, house and a rider for my camera gear - I found that it was not covered due to an exclusion.  I was told that under almost any other scenario, had I run it over, had it inside the car on the seat or near a water heater in the house which leaked, that I would be fine, but not in this one instance. Well that only cost me about $5000 bucks.  :(.

IN the nineties I studied and passed the state insurance exam.  Pretty tough course, mostly because of all the intricacies and also court case rulings of the past.

Since insurance is peace of mind, and since it is not understood by many, and the contract language is dense, I would not have peace of mind in a case as described above, in fact keeping in mind PH's comment, which is so true, I'd never have peace of mind to see a deal and jump in.  I would first have to call that companies broker and chat, as some specific questions and then repeat the same with at least two competitors.  The competitors would of course be pointed to the great deal and asked why they can't make the same offer.  Sometimes you get nothing useful from them back, but often they will tell you the "gotcha's" which may or may not be true.  It's a lot like dealing with a car salesman and then their finance manager.

I called around here in NC about insurance and got a very good quote from three companies.  Allstate's was best for that same reason, that we have everything under one roof.  My allstate agent is also a casual friend of mine.  He did call me back later and said that despite what was signed and the stated value, that it was a mistake and that he had discovered that the maximum payout on a bicycle here would always only be $1000 dollars.  That didn't make any sense.  When I called around again, happy to pay a higher premium for security, but this time pressing the other agents, one other said, yes, the rule is $1000 max for a bicycle. 

I hate to be a suspicious cynic, but I hate to be an in-tears sucker, even more.  The low prices quoted here make it a no brainer in my opinion, but in the case of the worst case, prying more into the details could make an impact on one's claim.  Details matter.  :) Oh, and always get a local police report of course.

I guess one last thought.  If the company did not ask for serial numbers for the bike and every item on it with one, and photographs for proof - I'd be doubly suspicious that all I have is a piece of paper.  :)